According to a document presented to members of Congress, the U.S. Federal Reserve has listed the creation of a central bank digital currency (CBDC) as one of its key duties. The document, titled “Key Duties of the Fed – Payment Systems,” was handed to House Majority Whip Tom Emmer’s staff by Fed officials earlier in the Congressional session.
In a tweet, Emmer, a Republican from Minnesota and a vocal supporter of cryptocurrency, stated that the Fed views a CBDC as one of their key duties. However, he did not provide any further context for the document.
During a congressional testimony last week, Fed Chair Jerome Powell stated that the institution has no immediate plans to introduce a CBDC. He explained that while money has become digital with advancements in technology, the government could create a digital form of money for people to transfer among themselves.
Powell also clarified that the Fed does not want a CBDC that would allow the government to have access to people’s transactions, citing China as an example of such control.
To stay updated on the latest developments in the world of cryptocurrency, subscribe to our email alerts and follow us on Twitter, Facebook, and Telegram. You can also check the current price action and explore our Daily Hodl Mix.
Please note that the opinions expressed at The Daily Hodl are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are at the individual’s risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor. Please also be aware that we may participate in affiliate marketing.
Image source: Midjourney.